In many organizations, withholding and reconciling payments are complex and time-consuming tasks. The actual remittance of the withholding to the government agencies is not done at the same time as payments are made to the recipients, further complicating this system. Furthermore, the compliance regulations at the federal, state, and locality reporting levels often vary, sometimes vastly. And that doesn’t even take into account extenuating circumstances related to various industries and remittance thresholds.

Convey’s Withholding Management Services provide a managed environment to consolidate and remit federal and state withholding data. Withholding transactions, deposits, remittances and adjustments are all maintained in a relational database. Powerful analytical tools provide multiple views of the data and allow organizations complete control of the process. This solution for managing the reconciliation requirements provides timely results, reduced IRS penalties, and added visibility and control over determining your withholding liabilities.

Convey takes clients’ general ledger data and transaction level data and determines remittances, who gets them, who they’re paid from, when and how much. The ledger data is also reconciled against tax detail forms, to ensure accuracy. Clients save time by not having to spend countless hours reconciling and determining of remittances, and save money by ensuring accuracy and prevention from over/under reporting. Additionally, once the remittances are determined, Convey makes the payments.

As an added security, Convey  provides a withholding management calendar. The withholding management calendar aids organizations in avoiding the costly penalties of over/under reporting and failure to pay at the right time. The provided general ledger analysis report indicates what amounts are due on a particular date. Deposit frequency is monitored to allow for timely remittances.

• Timely consolidation of liabilities
• Payment detection
• Reconciliation between 1099 withholding and liabilities
• Forms processing (945, 945A, 941, 1042-S, and applicable States)
• General ledger analysis report payment calendar
• Federal, state and locality compliance
  
  

Contact one of our knowledgeable sales representatives now to find out more.